Tax on profit from transactions with cryptocurrencies in Japan will be from 15% to 55%

According to the decision of the National tax Agency of Japan, the profit from trading digital currencies decided to qualify as “miscellaneous income”, in connection with which cryptocurrency investors are required to submit tax returns during the period from 16 February to 15 March.

Unlike transactions in shares and other assets, the tax rate on the profit from trading digital currencies varies from 15% to 55%, the maximum value will be taken to achieve the total income of 40 million yen, or 365 thousand dollars.

Such measures, according to statement by the Executive Director of Shiodome Partners Tax Corp Makawa Kengo (Kengo Makawa), forced large investors to leave the country, because in some jurisdictions, such as Singapore, the tax on long-term cryptocurrency investments not charged.

It is known that not only in Japan operations with digital currency are taxable. The U.S. internal revenue service in 2014 stated that crypto-currencies, along with gold and real estate are included in the aggregate taxable base. The tax rate in Japan is higher than in the US.

Due to the fact that 40% of exchange trading in bitcoins occurs in tandem with the Japanese yen, the income potential of the government of Japan from cryptocurrency traders can be quite high.

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